Welcome to our dedicated page for Northfield Banco news (Ticker: NFBK), a resource for investors and traders seeking the latest updates and insights on Northfield Banco stock.
Northfield Bancorp, Inc. (NFBK) is the holding company for Northfield Bank, a community-oriented savings institution serving individuals and corporate customers in New York and New Jersey. The NFBK news feed on Stock Titan aggregates company-issued press releases and other coverage so readers can review how management describes financial performance, capital actions, and strategic priorities over time.
Company news frequently centers on quarterly and annual financial results, including net income, diluted earnings per share, net interest income, net interest margin, funding costs, and trends in loan and deposit balances. Releases also discuss asset quality metrics such as non-performing loans and net charge-offs, with particular attention to specific loan portfolios that management highlights, and the impact of the Current Expected Credit Loss (CECL) framework on provisions for credit losses.
Northfield Bancorp, Inc. also uses news releases to announce cash dividend declarations, stock repurchase authorizations and activity, and commentary on capital and liquidity management. Additional items can include branch-related actions, such as the sale and consolidation of a branch, and updates on liquidity resources, including unpledged available-for-sale securities and loans available for pledge.
Beyond financial metrics, the news flow may feature governance and community-related developments, such as leadership roles of Northfield Bank executives on industry and community boards and updates from the Northfield Bank Foundation. Investors and followers of NFBK can use this page to review the sequence of earnings announcements, dividend decisions, and other corporate events as described directly by the company.
NORTHFIELD BANCORP, INC. (NasdaqGS: NFBK) announced that John W. Alexander will retire from the Board after the Annual Meeting of Stockholders on May 26, 2021. Steven M. Klein will succeed him as Chairman. Annette Catino, Lead Independent Director, praised Alexander's record and emphasized the company's strong succession plan. Klein expressed gratitude for Alexander's leadership and looks forward to a smooth transition. The Board also approved reducing its size to nine members following the retirement.
NORTHFIELD BANCORP reported a diluted earnings per share of $0.26 for Q4 2020, up from $0.21 in Q4 2019. Full-year earnings per share were $0.76. The increase in quarterly earnings was driven by a 30.1% rise in net interest income, totaling $37 million. However, expenses included $1.6 million in occupancy costs and $3.3 million in merger-related expenses. The net interest margin improved to 2.83%. The company declared a cash dividend of $0.11 per share for distribution on February 24, 2021.
Northfield Bank announced its participation in the new round of the Paycheck Protection Program (PPP) aimed at assisting small businesses, particularly those with 10 or fewer employees and those in low-to-moderate income areas. Since the PPP's inception, Northfield has originated nearly $150 million in loans for over 1,400 businesses, supporting more than 10,000 employees. Northfield will utilize its dedicated teams to help navigate the application process, with applications opening after the Small Business Administration releases new guidelines.
Northfield Bancorp reported diluted earnings per share of $0.17 for Q3 2020, down from $0.23 in Q2 2020 and $0.28 in Q3 2019. This reflects a net decrease of $0.06 per share due to $3.9 million in merger-related expenses from the acquisition of VSB Bancorp. Net interest income increased 7.9% from Q2 2020. Total assets rose 10.6% to $5.59 billion as of September 30, 2020. The bank declared a cash dividend of $0.11 per share, payable on November 25, 2020. Stock repurchase program reinstated for 1.45 million shares.
Northfield Bank announced the retirement of Michael J. Widmer, Executive Vice President of Operations, effective October 2020. With over 35 years in community banking, Widmer has been with Northfield since its acquisition of Liberty Bank in 2002. His leadership has significantly contributed to the bank's growth. CEO Steven M. Klein expressed gratitude for Widmer's dedication and noted his agreement to delay retirement until mid-September to assist with the conversion of systems related to the recent acquisition of Victory State Bank. Northfield Bank operates 43 branches across New York and New Jersey.
Northfield Bancorp reported a diluted earnings per share of $0.23 for Q2 2020, an increase from $0.10 in Q1 2020 and $0.17 in Q2 2019. The quarter included a $1.8 million provision for loan losses due to COVID-19. Loans grew by $80.2 million, or 9.0% annualized. The bank originated over 900 loans under the Paycheck Protection Program, benefiting 13,000 employees. Additionally, deposits rose $279.5 million, or 34.5% annualized. A cash dividend of $0.11 per share was declared, payable on August 19, 2020.
Northfield Bancorp, Inc. (Nasdaq: NFBK) has completed its acquisition of VSB Bancorp, Inc. (OTCQX: VSBN), significantly enhancing its presence in Staten Island, NY, with a total of 18 service locations. The merger is set to integrate Victory's systems and branding into Northfield by September 2020. Shareholders of Victory will receive 2.0463 shares of Northfield stock for each Victory share. Northfield aims to leverage this merger to improve service offerings and expand its market reach, while the integration process may pose challenges.
Northfield Bancorp, Inc. (NFBK) and VSB Bancorp, Inc. (VSBN) announced a merger approved by Victory shareholders on June 23, 2020. The merger is set to close on July 1, 2020, with each share of Victory common stock exchanged for 2.0463 shares of Northfield stock, with cash for fractional shares. Both companies emphasize the benefits of this merger, including enhanced service for the Staten Island community and potential synergies for customers and shareholders. The collaboration is expected to create value while retaining customer banking experiences during the integration.
NORTHFIELD BANCORP, INC. (Nasdaq: NFBK) held its Annual Meeting of Stockholders online on May 27, 2020. Stockholders re-elected John W. Alexander, Annette Catino, and John P. Connors, Jr. to the Board of Directors for three-year terms. They also approved a non-binding advisory resolution on executive compensation and ratified KPMG LLP as independent public accountants for the fiscal year ending December 31, 2020. The meeting addressed the company’s response to COVID-19 and its financial performance for 2019 and Q1 2020. An audio webcast of the meeting is available for one year.
Northfield Bancorp (NFBK) has announced a shift to a virtual-only format for its 2020 Annual Meeting of Stockholders due to health and safety concerns. The meeting will still take place on May 27, 2020, at 10:00 a.m. ET. Stockholders of record as of March 30, 2020, can participate via the designated virtual meeting website. This decision reflects the company's commitment to public health amid the ongoing COVID-19 pandemic.